Frontline Jumps in Oslo After Buying Stake in OSG

Wednesday, March 26, 2008

Frontline Ltd., the oil-tanker owner, advanced the most in 22 months in trading after buying a stake in a rival shipping company.
Frontline acquired 5.2 percent of New York-based Overseas Shipholding Group Inc., known as OSG, on March 20. , Bermuda-based Frontline agreed to purchase an additional 1.37 million shares, or 4.4 percent, on May 29.
Frontline climbed 8.1 percent, the most since May 23, 2006, to close at 234.5 kroner, narrowing its year-to-date decline to 9.3 percent. Today was the first day of trading since March 19.
Fredriksen is holding talks with OSG's biggest shareholders about a cash offer for the company's tankers, financed by a share sale, the financial daily Dagens Naeringsliv reported, citing unidentified people.

Source:  Bloomberg

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Libya Eastern Oil Company Blocks Tanker Loading Crude for Tripoli Rival

An oil company set up by Libya's eastern government is preventing a tanker from loading a cargo for its Tripoli rival, the National Oil Corporation (NOC), officials said on Tuesday.

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

A Look Back At The Tanker Market

The fall in the oil price after the summer of 2014, coupled with the decision by OPEC to keep oil production at elevated levels has combined to support an improved tanker market,

Finance

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

Kongsberg, DNV GL Partner to Reduce Training Costs

Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0762 sec (13 req/sec)